The average cost of large-scale solar projects in India dropped by almost 23% year-over-year in the third quarter (Q3) of calendar year 2024, according to Mercom India Research’s recently released Q3 2024 India Solar Market Quarterly Update. The costs remained flat quarter-over-quarter (QoQ). By September 2024, solar module prices had declined for more than seven consecutive quarters, resulting in lower project costs. In Q3 2024, solar module costs fell 3.3% QoQ, accounting for almost 47% of average large-scale solar project costs.

Solar engineering, procurement, and construction company Enerture Technologies has won a contract from the Indian Institute of Technology Hyderabad to set up a 3.5 MW captive solar photovoltaic project at its campus. The award contract value was ₹152.73 million (~$1.8 million). Enerture must submit a performance guarantee of ₹7.27 million (~$85,663) by December 26, 2024. The scope of work includes planning, design, supply, installation, testing, and commissioning the project within 12 months of receiving the letter of award.

Mumbai-based rooftop solar company SolarSquare has raised $40 million in a Series B funding round. Lightspeed led the round with participation from Lightrock. SolarSquare’s current investors, Elevation Capital, Lowercarbon, Rainmatter, and Gruhas Proptech, also participated in this funding round. SolarSquare aims to use the newly raised funds to expand operations to over 50 cities from its current footprint of 20. The company also plans to invest in technology, talent, brand building, and developing an asset management tech stack for remote monitoring and diagnostics of residential solar systems.

Rays Green Energy Manufacturing, a subsidiary of Rays Power Infra, has announced a solar module and cell gigafactory in Madhya Pradesh. The facility will house a 1.5 GW solar cell plant and a 3 GW solar module assembly line to support domestic industry. The planned investment for the plant is ₹14 billion (~$168.07 million), and the factory will utilize tunnel oxide passivated contact (TOPCon) technology. The company has received a letter of intent from the Madhya Pradesh government for the allotment of 38 acres of land at the manufacturing zone for power and renewable energy equipment at the Mohasa Babai Industrial Area, Narmadapuram district in Madhya Pradesh.

The Australian Department of Climate Change, Energy, the Environment and Water has selected 19 renewable energy projects totaling 6.38 GW, including eight hybrid power projects of 3.6 GWh under the Capacity Investment Scheme Tender 1. The clean energy generated through these projects will be connected to the National Electricity Market. The projects will power three million households, with the following generation allocation per jurisdiction: New South Wales: 3.7 GW of generation and 904 MWh of storage; Victoria: 1.6 GW of generation and 1,458 MWh of storage.

The United States Trade Representative has announced final modifications to Section 301 tariffs, increasing duties on specific Chinese imports. Effective January 1, 2025, the updated tariffs will impose a 50% rate on solar wafers and polysilicon, as well as a 25% rate on certain tungsten products. These measures aim to address the trade issues with China, strengthen domestic production, and improve the U.S. supply chain resilience.